Financial Data and Key Metrics Changes - Revenue reached $1.4 billion, representing a 41% year-on-year growth [5][16] - GAAP earnings per ADS were $1.09, an increase of over $2 compared to Q3 of the previous year [5][18] - Free cash flow generated during the quarter was over $350 million, with ending cash and cash equivalents totaling $4.1 billion, an increase of $1.3 billion from Q2 [5][20] - Non-GAAP net income reached $304 million, reflecting an increase of $252 million compared to the previous year, translating to diluted non-GAAP earnings per ADS of $2.65 [19] Business Line Data and Key Metrics Changes - BRUKINSA® global revenues exceeded $1 billion for the first time, growing 51% year-on-year, with U.S. volume increasing by approximately 40% [6][16] - TEVIMBRA reported a 17% increase in revenue, reflecting continued market leadership in China [16] - In-license products grew 17% year-over-year, driven by a 31% increase from the Amgen In-Licensed Asset Portfolio [17] Market Data and Key Metrics Changes - U.S. revenue totaled $743 million, with a year-over-year growth of 47% [17] - China revenue was $435 million, a 17% increase supported by TEVIMBRA and BRUKINSA®'s market leadership [17] - Europe contributed $167 million, with a significant year-over-year growth of 71% [17] - Rest of world markets grew 133%, driven by market expansions and new launches [17] Company Strategy and Development Direction - The company aims to develop a more efficacious, time-limited regimen that does not come with caveats or accommodations, focusing on the combination of Zanu and Sonro [11][13] - BeOne Medicines is committed to a vertically integrated approach in clinical development and manufacturing, which is seen as a competitive advantage [14] - The company plans to run more than 20 phase three trials and anticipates over 10 proof of concept data readouts by the end of 2026 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustained momentum of BRUKINSA® and the potential of Sonro, especially following its FDA breakthrough designation [6][15] - The company is focused on achieving positive GAAP operating income and generating positive free cash flow for the year [20] - Management highlighted the importance of long-term data in CLL treatment and the competitive landscape for fixed-duration therapies [10][11] Other Important Information - The company is preparing for a significant presentation at ASH, showcasing 47 abstracts from its Hematology Portfolio [7][23] - The company has achieved proof of concept for several innovative programs in solid tumors, including CDK4 and PRMT5 inhibitors [23][25] Q&A Session Summary Question: Update on BRUKINSA® in Europe and CDAC data expectations - Management noted that BRUKINSA® is growing in Europe, but the overall market is flattening, and CDAC data will likely be based on overall response and duration of response [44][47] Question: Insights on early-stage pipeline and new molecular entities - Management indicated that clear criteria for success are established for early programs, with some likely progressing to phase three trials [50][52] Question: Commercial dynamics in CLL and future therapy mix - Management confirmed strong new patient start share across therapy lines, with confidence in the overall CLL franchise leadership strategy [75][78] Question: Details on CDK4 phase III design and rationale for ZS vs AV study - Management provided insights on the CDK4 phase III study design and emphasized the importance of establishing ZS as the best oral fixed duration regimen [66][70]

Financial Data and Key Metrics Changes - Revenue reached $1.4 billion, representing a 41% year-on-year growth [5][16] - GAAP earnings per ADS were $1.09, an increase of over $2 compared to Q3 of the previous year [5][16] - Free cash flow generated during the quarter was over $350 million, with ending cash and cash equivalents totaling $4.1 billion, an increase of $1.3 billion from Q2 [5][20] - Non-GAAP net income reached $304 million, reflecting an increase of $252 million compared to the previous year, translating to diluted non-GAAP earnings per ADS of $2.65 [19] Business Line Data and Key Metrics Changes - Rukinza, the leading BTK inhibitor, generated over $1 billion in quarterly global revenue for the first time, growing 51% [6][7] - Tivimra reported a 17% increase in revenue, reflecting continued market leadership in China [16] - In-license products grew 17% year-over-year, driven by a 31% increase from the Amgen in-license asset portfolio [16] Market Data and Key Metrics Changes - U.S. revenue totaled $743 million, with year-over-year growth of 47% [17] - China revenue was $435 million, a 17% increase supported by Tivimra and Rukinza's market leadership [17] - Europe contributed $167 million, with 71% year-over-year growth [17] - Rest of the world markets grew 133%, driven by market expansions and new launches [17] Company Strategy and Development Direction - The company aims to develop innovative medicines that deliver long-term outcomes for patients, focusing on Rukinza, Sonro, and BTK CDAC as core elements in B cell malignancies [6][13] - A global superhighway strategy has been established, integrating clinical development and manufacturing to enhance R&D investment returns [14] - The company plans to run more than 20 phase three trials and anticipates over 10 proof of concept data readouts by the end of 2026 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial success of Rukinza, citing strong clinical data and market leadership [8][9] - The company is focused on achieving positive GAAP operating income and generating positive free cash flow for the year [20] - Management highlighted the importance of long-term data in CLL treatment and the competitive landscape for fixed-duration therapies [10][11] Other Important Information - Sonro received FDA breakthrough designation for relapsed refractory mantle cell lymphoma, with plans for global filing [23] - The company has achieved proof of concept for several innovative programs in solid tumors, including CDK4 and PRMT5 inhibitors [24][26] Q&A Session Summary Question: Update on Bakensa's performance in Europe - Management noted significant growth for Bakensa in Europe, but prescription levels have not been extremely high, leading to flattening total ACALA numbers [45] Question: Expectations for CDAC data in CLL - Management indicated that the CDAC data will likely be based on overall response rates and duration of response, with further discussions with the agency ongoing [46] Question: Insights on earlier stage pipeline and new molecular entities - Management emphasized that clear criteria for success have been established for early programs, with some likely progressing to phase three trials [52] Question: Commercial dynamics in relapsed refractory CLL - Management confirmed strong new patient start share for Rukinza across therapy lines, with confidence in the overall CLL franchise leadership strategy [78] Question: Details on CDK4 phase three design - Management shared that three dose levels are being explored, with a head-to-head study planned against currently available CDK4/6 inhibitors [67] Question: Rationale for additional investment in ZS versus AV study - Management stated the importance of establishing ZS as the best oral fixed duration regimen, despite existing long-term data supporting its efficacy [70][72]

Financial Data and Key Metrics Changes - Revenue reached $1.4 billion, representing a 41% year-on-year growth [4][16] - GAAP earnings per ADS were $1.09, an increase of over $2 compared to Q3 of the previous year [4] - Free cash flow generated during the quarter was over $350 million, with ending cash and cash equivalents totaling $4.1 billion, an increase of $1.3 billion from Q2 [4][20] - Non-GAAP net income reached $304 million, reflecting an increase of $252 million compared to the previous year, translating to diluted non-GAAP earnings per ADS of $2.65 [19] Business Line Data and Key Metrics Changes - Rukinza, the leading BTK inhibitor, grew 51% and exceeded $1 billion in quarterly global revenue for the first time [5][16] - Tivimra reported a 17% increase in revenue, reflecting continued market leadership in China [16] - In-license products grew 17% year-over-year, driven by a 31% increase from the Amgen in-license asset portfolio [16] Market Data and Key Metrics Changes - U.S. revenue totaled $743 million, with year-over-year growth of 47% [17] - China revenue was $435 million, a 17% increase supported by Tivimra and Rukinza's market leadership [17] - Europe contributed $167 million, with 71% year-over-year growth [17] - Rest of the world markets grew 133%, driven by market expansions and new launches [17] Company Strategy and Development Direction - The company aims to develop a more efficacious, time-limited regimen that does not come with caveats or accommodations, focusing on the combination of Zanu and Sonro [10][12] - The company is committed to advancing its innovative pipeline, with plans for over 20 phase three trials and more than 10 proof of concept data readouts by the end of 2026 [14][15] - The company emphasizes a vertically integrated approach to clinical development and manufacturing as a competitive advantage [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term data for Rukinza, stating it sets a high standard for BTK inhibitors in CLL treatment [8][9] - The company anticipates continued strong performance in the BTK market, with a focus on maintaining leadership in B cell malignancies [5][12] - Management highlighted the importance of long-term follow-up data in understanding treatment efficacy in CLL [9] Other Important Information - The company has received FDA breakthrough designation for Sonro in relapsed refractory mantle cell lymphoma [24] - The company plans to present 47 abstracts from its heme portfolio at the upcoming ASH conference [5][24] Q&A Session Summary Question: What is the status of Bakensa in Europe? - The company has seen close to 70% growth for Bakensa in Europe, but excitement among healthcare professionals has been limited [40] Question: Can you provide more details on the CDAC data expected in the first half of next year? - The CDAC data will likely be based on overall response rates and duration of response, with further discussions with regulatory agencies ongoing [40] Question: What is the outlook for the earlier stage pipeline? - The company has established clear criteria for success based on preclinical data, with some programs actively planning acceleration to phase three studies [42][44] Question: What is the rationale for the CDK4 phase three study design? - The study aims to establish the CDK4 inhibitor as superior to currently available CDK4/6 inhibitors, with final decisions on study size and powering pending [50] Question: How is Rukinza's share holding up in the relapsed refractory setting? - The company continues to see strong new patient start share across therapy lines, including in the relapsed setting [54]

Group 1 - BeiGene adjusts its 2025 revenue forecast to between RMB 36.2 billion and RMB 38.1 billion, with R&D, sales, and management expenses estimated at RMB 29.5 billion to RMB 30.9 billion, maintaining a gross margin of 80% to 90% [1] - Lixing Co. signs a strategic cooperation agreement with Zhejiang Rongtai to collaborate in key areas such as screw components for industrial robots, aiming for a sustainable partnership [1] - Zhongjian Technology signs a procurement contract worth RMB 563 million for carbon fiber materials, representing 69.34% of its audited revenue for the last fiscal year [2] Group 2 - Energy-saving Wind Power plans to raise up to RMB 3.6 billion through a private placement to fund multiple wind power projects [3] - Lian De Co. announces a reduction of 1.9528 million shares by its controlling shareholder and concerted parties on November 5, 2025 [4] - Biao Bang Co. terminates its control change planning due to a lack of agreement on core terms, with stock resuming trading on November 7, 2025 [5] Group 3 - Tianci Materials signs a framework procurement contract with Guoxuan High-tech for an estimated total of 870,000 tons of electrolyte products from 2026 to 2028 [5] - Su Da Weige plans to acquire 51% of Changzhou Weipu Semiconductor Equipment Co. for RMB 510 million, enhancing its capabilities in semiconductor defect detection equipment [6] Group 4 - Zhongtong Bus reports a 33.87% year-on-year increase in sales volume for October [7] - New Hope sees a 20.86% month-on-month increase in pig sales in October [7] - Baiyun Airport experiences a 12.04% year-on-year growth in passenger throughput, reaching 7.6422 million in October [7] Group 5 - Upwind New Materials completes a tender offer acquisition, increasing Zhiyuan Hengyue's shareholding to 58.62% [8] - Chongqing Construction wins a bid for a RMB 781 million EPC project [8] - Tonghua Jinma plans to establish a wholly-owned subsidiary with an investment of RMB 70 million [8]

Core Insights - The company reported a revenue of 27.595 billion yuan for the first three quarters, representing a year-on-year growth of 44.2% [1] - The net profit attributable to the company was 1.139 billion yuan [1] - In the third quarter, product revenue reached 9.954 billion yuan, compared to 7.079 billion yuan in the same period last year, indicating significant growth driven by self-developed products and licensed products [1] Financial Performance - Total revenue for the first three quarters was 27.595 billion yuan, with a year-on-year increase of 44.2% [1] - Net profit for the same period was reported at 1.139 billion yuan [1] - Third-quarter product revenue was 9.954 billion yuan, up from 7.079 billion yuan year-on-year [1] Product Performance - The growth in product revenue was primarily attributed to the sales increase of self-developed product Baiyueze (Zebutinib capsules) and licensed products, as well as Bai Ze An (Tislelizumab injection) [1]

Company News - BeiGene reported total revenue of approximately $3.845 billion for the first nine months, a year-on-year increase of 43%. Adjusted net profit was approximately $693 million, marking a return to profitability. In Q3, revenue reached $1.412 billion, up 41% year-on-year, with adjusted net profit of approximately $304 million, a 489% increase year-on-year. The growth is primarily attributed to the sales increase of BeiYueZe® in the US and Europe, with the US remaining the largest market for the company. The full-year revenue guidance is set at $5.1 billion to $5.3 billion, reflecting strong growth expectations from BeiYueZe® in the US and continued expansion in Europe and other key global markets [2] - Yidu International Holdings announced an earnings upgrade, expecting a profit attributable to shareholders of approximately HKD 1.2 billion for the first half, representing an increase year-on-year [3] - Hua Hong Semiconductor reported sales revenue of $635 million for Q3 2025, a year-on-year increase of 20.7%. However, net profit decreased by 42.6% to $25.725 million [4] - Autohome's net profit attributable to the parent company for Q3 was approximately RMB 436.6 million, with online marketing and other business revenues increasing by 32.1% year-on-year [5] - Xinyi International reported a cumulative net operating income of approximately HKD 13.981 billion for the first ten months, a year-on-year decrease of about 5.3%, with October revenue at HKD 1.457 billion [6] - Dongfeng Motor Group's cumulative vehicle sales for the first ten months reached 1.501 million units, a year-on-year decline of approximately 1.6%. However, sales of new energy vehicles increased by approximately 37.1% to 421,400 units [7] - China Overseas Land & Investment reported a cumulative contracted property sales amount of approximately RMB 189.165 billion for the first ten months, a year-on-year decrease of 21.3% [8] - Poly Property Group reported a cumulative contracted sales amount of RMB 43.8 billion for the first ten months, a year-on-year decrease of 10.43% [9] - Gemdale reported a cumulative contracted sales amount of approximately RMB 9.125 billion for the first ten months, a year-on-year decrease of 43.93% [10] - Sunac China reported a cumulative contract sales amount of approximately RMB 32.77 billion for the first ten months, a year-on-year decline of 25.1% [11] - Guoyin Financial Leasing plans to purchase 1,198 units of domestic information technology computing equipment for a total consideration of RMB 1.04 billion [12] - Youjia Innovation recently received project designation notifications from a globally renowned automotive group's joint venture and luxury brand, with a total order amount of approximately RMB 320 million [13] - Swire Properties reported a rental rate of 96% for Taikoo Place in Q3, with a rental reduction of 13%. Other Swire properties had an occupancy rate of 90%, with a rental reduction of 15% [14] - Zhongshen Construction Industry plans to acquire 100% equity of Huajian Development Co., Ltd. for approximately HKD 213.6 million [15] - Hard Egg Innovation signed a memorandum of understanding with Huixin Investment to jointly develop an AIoT innovation enterprise incubation platform [16] - Damai Entertainment expects mid-term net profit to increase to no less than RMB 500 million, compared to RMB 337 million last year [17] - Cafe de Coral Group issued a profit warning, expecting mid-term profit attributable to shareholders to decline by 65% to 70% [18] - Qingci Games signed a game licensing transfer agreement with Disney, obtaining authorization to develop and publish the game "Disney: Book of Legends," expected to launch in 2026 across various regions [19] - Now Medical Technology's subsidiary signed a strategic cooperation framework agreement with Medtronic Changzhou to promote clinical applications of real-time navigation tracking endoscopic technology in China [19] - Zhaoke Ophthalmology-B signed a distribution agreement with PT FERRON for the commercialization of BRIMOCHOL PF in Indonesia, receiving an upfront payment and potential milestone payments [19] - Shoujia Technology signed a strategic framework cooperation agreement with Stardust Intelligence, covering the development of humanoid robot tendon and related fields [20] Buyback Dynamics - Helen's decided to exercise its share buyback authorization, planning to repurchase up to 127 million shares [21] - China Feihe repurchased 6.806 million shares for a total of approximately HKD 29.4298 million, with a buyback price of HKD 4.29 to HKD 4.35 [22] - Kintor Pharmaceutical repurchased 1.734 million shares for a total of approximately HKD 26.3078 million, with a buyback price of HKD 14.35 to HKD 15.8 [23] - COSCO Shipping Holdings repurchased 1.53 million shares for a total of approximately HKD 20.9869 million, with a buyback price of HKD 13.57 to HKD 13.84 [24] - Sinopec repurchased 2.398 million H-shares for a total of approximately HKD 10.1066 million, with a buyback price of HKD 4.20 to HKD 4.23 [25]

Core Insights - The China Securities Index Co., Ltd. will officially launch the China Securities Innovation Drug Index and the China Securities Medical Device Index on November 7, providing richer investment targets for the market [1] Group 1: Innovation Drug Index - The China Securities Innovation Drug Index selects listed companies involved in innovative drug research and development, as well as those providing drug research, development, and production services from the Sci-Tech Innovation Board and the Growth Enterprise Market [4] - A total of 50 constituent stocks have been included in the index, such as BeiGene, Boli Tianheng, Kanglong Chemical, and Zhifei Biological [4] - The innovative drug sector has attracted significant investor attention this year, with China's innovative drug pipeline and clinical trial projects ranking among the top globally [4] Group 2: Medical Device Index - The China Securities Medical Device Index selects listed companies that provide medical devices, consumables, and in vitro diagnostic products and services from the Sci-Tech Innovation Board and the Growth Enterprise Market [4] - 50 constituent stocks have been included in this index, including Mindray Medical, United Imaging, New Industry, and Aimeike [4] - The domestic medical device industry is experiencing rapid development, with a positive outlook on innovation-driven import substitution and global expansion [5]

Core Viewpoint - BeiGene reported a significant increase in revenue and net profit for the first three quarters of 2025, driven by strong sales of its self-developed and licensed products [1] Financial Performance - Total revenue for the first three quarters reached 27.595 billion, marking a year-on-year growth of 44.2% [1] - Net profit attributable to the parent company was 1.139 billion [1] Product Sales - Sales of the self-developed product, Brukinsa® (Zebutinib capsules), totaled 7.423 billion, reflecting a year-on-year increase of 51.0%, leading the global market for BTK inhibitors [1] - Sales of the licensed product, Tislelizumab injection (百泽安®), amounted to 1.363 billion, with a year-on-year growth of 16.6% [1] Future Projections - The company anticipates total revenue for 2025 to be between 36.2 billion and 38.1 billion [1] - Combined R&D, sales, and management expenses are projected to be between 29.5 billion and 30.9 billion [1] - Gross margin is expected to remain in the mid-to-high range of 80% to 90% [1]

| | 调整前 2025 | 年度经营业 | 调整后 2025 | 年度经营业 | | --- | --- | --- | --- | --- | | | 绩预测 | | 绩预测 | | | 营业收入 | 将介于人民币 | 亿元 358 | 将介于人民币 | 亿元 362 | | | 至 381 | 亿元之间 | 至 381 | 亿元之间 | | 研发费用、销售及管理 | 将介于人民币 | 295 亿元 | 将介于人民币 | 295 亿元 | 综合公司业务发展趋势，公司更新了预计的中国企业会计准则下 2025 年全 年的经营业绩情况，具体情况如下： A 股代码：688235 A 股简称：百济神州 公告编号：2025-039 港股代码：06160 港股简称：百济神州 美股代码：ONC 百济神州有限公司 自愿披露关于2025年度经营业绩预测调整的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 百济神州有限公司（以下简称"公司"）于 2025年 2月 28 日披露了《百济 神州有限公司自愿披露关于2025年度经营业绩预测的 ...

November 6, 2025 Q3 2025 Results Clinical Trial Appendix Disclosures Certain statements contained in this presentation and in any accompanying oral presentation, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking statements. Examples of such forward-looking statements include statements regarding BeOne's research, discovery, pre-clinical and clinical programs and plans. Actual results may differ materially from those indicated in the forward- l ...